August 11, 2015 | Sharon Cheong
As a member of the ASEAN region, the Malaysian economy has become very stable in past years. Today they have one of the region's largest economies with a steady growth rate in their Gross Domestic Product (GDP). In addition, the area has modern cities such as Kuala Lumpur where investors and business owners come to take advantage of one of South East Asia's best economies. Good transportation, industrial space, and superb seaports are just a few of the reasons why entrepreneurs moved to Malaysia.
Business Plans for Various Industries
Small businesses in every industry will often prosper and increase in Malaysia. These include trade, commerce, retail, manufacturing, consulting, and even charitable organizations. Once your business is set up and running, the next big concern should be crafting a clever marketing campaign. Remember that Malaysia offers so much to small business owners, but the competition in every industry is very strong. You'll need a vibrant marketing plan to convince consumers that your products and services are better.
Reaching Your Goals
Begin with setting some goals for your company, including long-term and short-term goals. Once you have these goals in mind, how will you reach them? Your marketing plan should address both long-term and short-term goals. For instance, in the short term interim, you might include things like:
- Acquiring an extensive mailing list
- Making your business known throughout the community
- Establishing your brand as a major player in your industry
- Creating a positive reputation for your company
Long term goals might include specific sales figures for specific periods of time. You should include weekly, monthly and yearly net incomes. Stay up to date on your operating expenses as well, so that you know at any given time, what it takes to break even each week. Most new businesses don't show a profit during the first six months. This means you'll require a large amount of capital in savings or a line of credit from your bank.
Saving Marketing Dollars
As a new business owner, you should always be on the lookout for ways to curb expenses. Instead of hiring a big company to do all your marketing, try hiring a couple of freelancers. Freelance copywriters might be able to write your email auto responders for a low fee. Freelance graphics design people might be able to craft an effective landing page ad. You can also find a number of SEO specialists now who will practically guarantee good results in a short length of time. Since the failure of so many national economies from 2008 and onward, lots of professionals have discovered ways to earn a living as a freelancer. This helps them out by giving them work to do and it helps you to get great marketing campaigns done for a fraction of the cost.
Saving on Luxury Office Space
Another excellent place where Malaysian business owners can save money is by leasing their office space. Though it is important to have a luxurious office in the central business district, leasing your space can save time and money. Servcorp Serviced Offices have beautifully furnished and fully staffed office suites in the center of Kuala Lumpur. Office suites include a dedicated receptionist, excellent internet and phone service and many other amenities. Servcorp is committed to excellence. Please call +603 2169 6188 for more information.